(a) Sales tax. There is hereby levied in, and shall be paid to and collected by, the Town, a tax or excise upon all sales of tangible personal property and services specified in Section 4-2-130 in the amount of four and one-half percent (4½%), inclusive of a one-half percent (0.5%) sales tax for affordable housing.
(b) Imposition and collection. The tax specified herein is imposed upon the purchaser. Any seller engaged in business within the Town shall collect the tax and remit it to the Town pursuant to this Article.
(1) Commencing on January 1, 1994, twenty percent (20%) of the unencumbered revenues collected and received by the Town through the sales tax imposed pursuant to this Article shall be dedicated to and deposited in a separate Open Space Fund as established under Section 4-1-30 of this Code. For purposes of this Section, unencumbered revenues shall mean those tax revenues not already pledged or dedicated to debt service or obligations created or in effect prior to the collection of said revenues. In no event shall revenues dedicated and transferred to the Open Space Fund exceed twenty percent (20%) of the total annual sales tax revenues collected and received by the Town in any given year absent the express prior authorization of the Town Council by ordinance or resolution.
(2) Further, pursuant to the vote of the Town electorate at the November 8, 1994 municipal election, all revenues collected and received by the Town pursuant to the one-half-percent sales tax for affordable housing shall be deposited in a separate Affordable Housing Fund, which shall be used exclusively to fund and finance the development and preservation of affordable housing, including the acquisition of land therefor.
(d) The taxes imposed in this Article shall continue to be levied and collected until amended or repealed by ordinance.
(e) The taxes imposed in the Chapter shall be in addition to all other taxes imposed by law. (Ord. 1263, 2007; Ord. 1358, 2011)